ID: MRFR/CnM/1864-HCR | February 2023 | Region: Global | 140 Pages
Dimethylformamide Market is projected to be worth USD 1123 Million by 2028, registering a CAGR of 15% during the forecast period (2022-2030).
$1123 Million
15%
Asia Pacific
2022-2030
Key Players
Some of the key players operating in the dimethylformamide market are Eastman Chemical Company (US), BASF AG (Germany), Ak-Kim (Turkey), Paari Chem Resources (India), Merck (Germany), Jiutian Chemical Group (Singapore), HELM AG (Germany), The Chemours Company (US), Mitsubishi Gas Chemical Company, Inc. (Japan), and Luxi Chemical Group (China) and others.Market Overview
Dimethylformamide is a colorless organic liquid with a formula (CH3)2NC(O)H and CAS number 68-12-2. Dimethylformamide is primarily used as an industrial solvent for various applications such as polymer fibers, films, and surface coatings. Dimethylformamide is synthesis by the reaction of methyl formate and dimethylamine or by the reaction of dimethylamine with carbon monoxide. Dimethylformamide is also used as a catalyst in a various chemical reaction and used in raw material in different chemical reactions owing to its miscibility with water and multiple compounds.
Robust growth of the chemical and pharmaceutical industry across the globe is expected to drive the demand of dimethylformamide for various applications substantially. Owing to the high solubility of organic and inorganic residuals, dimethylformamide is widely used as a cleaner for hot-dip tinned parts in the chemical industry. Moreover, dimethylformamide is also used across the electronics industry, owing to its high solvency. Thus, the strong growth of the electronics industry across the globe, particularly in North America and Asia-Pacific is likely to exert a positive impact on the growth of the global dimethylformamide market during the forecast period. Moreover, with the growing health concern and with the substantial investment in R&D and expansion of the pharmaceutical industry is expected to significantly drive the growth of dimethylformamide market during the forecast period.
Furthermore, it is also widely used as a solvent for polymers and resins. Hence with the robust growth of the polymer industry across the globe, the demand for dimethylformamide is expected to increase significantly during the forecast period. Also, high purity dimethylformamide has a characteristic of selective solvency. Hence it is also used in removing butadiene from hydrocarbons processes and removing or gaining acetylene in various chemical processes. Furthermore, owing to the increasing use of dimethylformamide in a wide range of application such as adhesive and surface coatings, industrial solvents, and others, is expected to propel the growth of the global market.
Though dimethylformamide is used across a wide range of applications, the concern about its potential health impact on human and animals is expected to be a key challenge for the growth of the global market. It has been observed an acute exposure to dimethylformamide can damage the liver in humans and animals.
Global Dimethylformamide Market Share, by Application, 2018 (%)
Segmentation Analysis
The global dimethylformamide market has been segmented based on application, end-use industry, and region.
Based on application, the global dimethylformamide market has been categorized as an industrial solvent, catalyst, raw materials.
The global dimethylformamide market, by end-use industry, has been segregated into pharmaceuticals, chemicals, paints & coatings, textile, electronics, and others.
The global dimethylformamide market, by region, has been divided into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.Recent Development
Target Audience
Report Attribute/Metric | Details |
---|---|
Market Size | 2030 : Significant value |
CAGR | 15% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Application, end-use industry, and region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Eastman Chemical Company (US), BASF AG (Germany), Ak-Kim (Turkey), Paari Chem Resources (India), Merck (Germany), Jiutian Chemical Group (Singapore), HELM AG (Germany), The Chemours Company (US), Mitsubishi Gas Chemical Company, Inc. (Japan), and Luxi Chemical Group (China) |
Key Market Opportunities |
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Key Market Drivers |
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The market would have a 15% CAGR during the forecast period of 2022-2030.
The Asia Pacific market would take the market ahead at a faster pace than others.
Automotive and surface coating industries would trigger growth for the dimethylformaldehide market.
The companies are BASF AG (Germany), Eastman Chemical Company (US), Paari Chem Resources (India), Merck (Germany), HELM AG (Germany), The Chemours Company (US), Mitsubishi Gas Chemical Company, Inc. (Japan), Jiutian Chemical Group (Singapore), Ak-Kim (Turkey), and Luxi Chemical Group (China), and others.
The market would be backed by the chemical & petrochemical industry.